AlphaQuest LLC Sells 71,933 Shares of MGIC Investment Co. (NYSE:MTG)

AlphaQuest LLC cut its holdings in shares of MGIC Investment Co. (NYSE:MTG) by 60.5% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 46,885 shares of the insurance provider’s stock after selling 71,933 shares during the period. AlphaQuest LLC’s holdings in MGIC Investment were worth $1,112,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. UMB Bank n.a. boosted its position in MGIC Investment by 131.9% during the 4th quarter. UMB Bank n.a. now owns 1,649 shares of the insurance provider’s stock worth $39,000 after buying an additional 938 shares during the period. Venturi Wealth Management LLC boosted its position in MGIC Investment by 102.1% during the 4th quarter. Venturi Wealth Management LLC now owns 1,817 shares of the insurance provider’s stock worth $43,000 after buying an additional 918 shares during the period. V Square Quantitative Management LLC boosted its position in MGIC Investment by 61.9% during the 4th quarter. V Square Quantitative Management LLC now owns 2,077 shares of the insurance provider’s stock worth $49,000 after buying an additional 794 shares during the period. Brooklyn Investment Group acquired a new stake in MGIC Investment during the 3rd quarter worth approximately $69,000. Finally, Covestor Ltd boosted its position in MGIC Investment by 65.5% during the 3rd quarter. Covestor Ltd now owns 3,387 shares of the insurance provider’s stock worth $87,000 after buying an additional 1,341 shares during the period. 95.58% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms recently commented on MTG. Barclays lifted their target price on shares of MGIC Investment from $25.00 to $26.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 5th. Compass Point restated a “neutral” rating and issued a $27.00 price target (up previously from $24.00) on shares of MGIC Investment in a research report on Wednesday, February 5th. UBS Group boosted their price target on shares of MGIC Investment from $25.00 to $26.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 19th. Keefe, Bruyette & Woods dropped their price target on shares of MGIC Investment from $29.00 to $28.00 and set a “market perform” rating on the stock in a research report on Wednesday, January 8th. Finally, Bank of America downgraded shares of MGIC Investment from a “buy” rating to an “underperform” rating and dropped their price target for the stock from $26.00 to $25.00 in a research report on Monday, December 9th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, MGIC Investment presently has an average rating of “Hold” and an average target price of $26.75.

MGIC Investment Stock Up 0.7 %

MGIC Investment stock opened at $23.80 on Monday. The company has a quick ratio of 1.25, a current ratio of 0.48 and a debt-to-equity ratio of 0.12. MGIC Investment Co. has a 12-month low of $19.26 and a 12-month high of $26.56. The firm’s fifty day moving average is $24.38 and its 200 day moving average is $24.82. The company has a market capitalization of $5.78 billion, a PE ratio of 8.21 and a beta of 1.28.

MGIC Investment (NYSE:MTG) last released its earnings results on Monday, February 3rd. The insurance provider reported $0.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.65 by $0.07. MGIC Investment had a net margin of 63.18% and a return on equity of 14.86%. As a group, sell-side analysts predict that MGIC Investment Co. will post 2.71 EPS for the current fiscal year.

MGIC Investment Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 5th. Investors of record on Tuesday, February 18th were given a dividend of $0.13 per share. The ex-dividend date was Tuesday, February 18th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.19%. MGIC Investment’s payout ratio is presently 17.93%.

Insider Activity at MGIC Investment

In other MGIC Investment news, CAO Julie K. Sperber sold 4,600 shares of the business’s stock in a transaction on Friday, February 21st. The shares were sold at an average price of $24.55, for a total transaction of $112,930.00. Following the completion of the sale, the chief accounting officer now owns 75,070 shares in the company, valued at approximately $1,842,968.50. The trade was a 5.77 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 1.05% of the stock is owned by corporate insiders.

MGIC Investment Company Profile

MGIC Investment Corporation, through its subsidiaries, provides private mortgage insurance, other mortgage credit risk management solutions, and ancillary services to lenders and government sponsored entities in the United States, the District of Columbia, Puerto Rico, and Guam. The company offers primary mortgage insurance that provides mortgage default protection on individual loans, as well as covers unpaid loan principal, delinquent interest, and various expenses associated with the default and subsequent foreclosure.